Khazanah Executive: At Proposed IPO Price, IHH Stake Worth Nearly MYR11B

03 Jul 2012

KUALA LUMPUR--Malaysian state investment firm Khazanah Nasional Bhd.'s stake in IHH Healthcare Bhd. is valued at nearly 11 billion ringgit ($3.48 billion) based on the indicative price of MYR2.85 per share the company has set for its planned US$2.01 billion Malaysia and Singapore initial public offering, Khazanah Managing Director Azman Mokhtar said Tuesday. IHH Healthcare released the indicative price earlier Tuesday, with the final pricing set for July 12, followed by a listing in Malaysia and Singapore on July 23. Khazanah Nasional currently owns 62.14% of IHH Healthcare and will end up with a 47.78% stake after the IPO. Mitsui & Co. (8031.TO) currently owns 26.63% of the company, while private equity firm Abraaj Capital owns the rest. "The proposed listing represents a significant milestone for Khazanah's investments in the healthcare sector," Mr. Mokhtar said at the prospectus launch. Khazanah has invested nearly MYR6.00 billion in IHH Healthcare, he added. IHH Healthcare's IPO is set to be the world's third-largest share sale this year after Felda Global Ventures Holdings Bhd.'s $3.1 billion deal and Facebook Inc.'s $16 billion offering.